SMM: since the release of the outline of Guangdong-Hong Kong-Macau Greater Bay Area's Development Plan on February 18, 2019, the establishment of Guangzhou Futures Exchange has attracted much attention from the market.
On September 16, the Guangzhou Local Financial Supervision Bureau issued the Action Plan on implementing the opinions on Financial support for Guangdong-Hong Kong-Macau Greater Bay Area's Construction, which clearly promoted the landing of the Guangzhou Futures Exchange, actively promoted the implementation of the Guangzhou Futures Exchange's settlement policy in Guangzhou, and cooperated with relevant state ministries to do a good job in exchange landing and trading variety research and reserve. The landing of the Guangzhou Institute has taken another step forward.
It is understood that Guangzhou was the first to engage in futures trading in China, established the first futures brokerage company in New China in 1992, and then set up a number of futures exchanges, such as the South China Commodity Futures Exchange. However, it was completely withdrawn when the country rectified the futures exchange in 1998. Since 2006, Guangdong Province and Guangzhou have started to resume the establishment of the Guangzhou Futures Exchange, and the same expression "strive for the resumption of the establishment of the Guangzhou Futures Exchange" appears every year in the relevant official documents of Guangdong Province and Guangzhou.
Judging from the overall situation of Guangdong-Hong Kong-Macau Greater Bay Area, there is already a basis for the development of green finance. Among them, the Guangzhou carbon Emission Exchange was established as early as September 2012, and Hong Kong has mapped out a blueprint for the development of "green bonds" in the 2018-2019 budget.
It is worth mentioning that on September 2, 2020, the executive meeting of the Guangzhou Municipal Government examined and approved the Action Plan for implementing the opinions on Financial support for Guangdong-Hong Kong-Macau Greater Bay Area's Construction (hereinafter referred to as the "Plan"). Put forward 66 specific measures, including promoting the landing of Guangzhou Futures Exchange, Guangdong-Hong Kong-Macau Greater Bay Area International Commercial Bank, and carrying out cross-border mortgage registration of real estate.
On May 14, 2020, the people's Bank of China, the Bancassurance Regulatory Commission, the Securities Regulatory Commission and the safe jointly issued the opinions on Financial support for Guangdong-Hong Kong-Macau Greater Bay Area's Construction (hereinafter referred to as "opinions") to further promote financial opening and innovation, deepen financial cooperation between the mainland and Hong Kong and Macao, increase financial support for Guangdong-Hong Kong-Macau Greater Bay Area's construction, and enhance Guangdong-Hong Kong-Macau Greater Bay Area's supporting and leading role in the country's economic development and opening up to the outside world. Among them, it is proposed to study and build the Guangzhou Futures Exchange, as well as to carry out carbon emissions and foreign exchange pilot projects.
However, at present, the main difficulty restricting the establishment of Guangzhou Futures Exchange lies in the listed varieties. It is understood that the Ministry of Ecology and Environment has no objection to the establishment of the Guangzhou Futures Exchange and disagrees that the Guangzhou Futures Exchange takes carbon emission rights as the first listed variety.
In the view of Wang Hongying, dean of China (Hong Kong) Financial Derivatives Investment Research Institute, based on Guangdong-Hong Kong-Macau Greater Bay Area, Guangzhou Futures Exchange will play a more direct role in factor trading, price discovery and supply chain stability management. form a north-south interactive development pattern with other futures exchanges in China.
Analysts believe that if the Guangzhou Futures Exchange comes out, it will bear an important mission, and it will also embody the three major expectations of the financial market for the continuous innovation of futures varieties and the acceleration of the opening up of the futures market to the outside world: first, it will not only serve Guangdong-Hong Kong-Macau Greater Bay Area's financial opening up and industrial construction, but also accelerate the pace of financial market opening to the outside world. Therefore, the Guangzhou Futures Exchange may develop new futures around cross-border financial products and commodities needed by emerging industries in the Dawan area, so as to drive enterprises in the Dawan area to better manage commodities and cross-border business risks. Second, under the general trend of continuous strengthening of Guangdong-Hong Kong-Macau Greater Bay Area's financial interconnection, the establishment of the Guangzhou Futures Exchange may form business complementarity with the Hong Kong Stock Exchange, thus speeding up the pace of financial innovation in the Greater Bay area and attracting more global capital to invest in the Greater Bay area. Participate in various financial innovation transactions in the Greater Bay area, making the pace of domestic financial opening to the outside world wider and better; Third, the Guangzhou Futures Exchange is likely to fill the gap in RMB futures in China.
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